Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

- This approach should be fine. 

My wife and I have never really followed the $$/sqft. approach because it's not as accurate.

The numbers may be 30-40% lower than today's cost, but the process/approach to estimating may be good for you to review.

Success comes from consistent action and patience, so keep refining your approach and scaling gradually.Good luck!

Let's now discuss taking on new construction for your first time around.The spread between value and cost is quite healthy, but are there transactions recently supporting this price?

A more intrusive approach would be to Google the owner name and see if you can find relatives and skip trace and call them.

Let me know if you need help refining your approach!

One common approach is to form a legal entity, such as an LLC, where both of you are equal partners.

Although I agree with @Nathan Gesner in part, I think he is off base in categorizing a relationship based approach to landlording as "amateur".